U.S. patent number 8,676,674 [Application Number 13/613,374] was granted by the patent office on 2014-03-18 for peer-to-peer and group financial management systems and methods.
This patent grant is currently assigned to Visa International Service Association. The grantee listed for this patent is Jeffrey William Perlman. Invention is credited to Jeffrey William Perlman.
United States Patent |
8,676,674 |
Perlman |
March 18, 2014 |
Peer-to-peer and group financial management systems and methods
Abstract
This relates to transferring funds from a payer to a payee in a
electronic payment system. The electronic payment system includes a
payment processor and an accounts database. The payment processor
receives a payment request from the payer. The payment request
includes information to identify the payee and a payment amount. An
accounts database is accessed to determine if the accounts database
includes an account associated with the payee. Based on a
determination that the accounts database includes an account
associated with the payee, an electronic message is sent from the
payment processor to the payee, to notify the payee of the payment
request. The accounts database is accessed to determine if the
payee is identified as having a trusted relationship with the
payer.
Inventors: |
Perlman; Jeffrey William
(Gordon, AU) |
Applicant: |
Name |
City |
State |
Country |
Type |
Perlman; Jeffrey William |
Gordon |
N/A |
AU |
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Assignee: |
Visa International Service
Association (Foster City, CA)
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Family
ID: |
43922545 |
Appl.
No.: |
13/613,374 |
Filed: |
September 13, 2012 |
Prior Publication Data
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Document
Identifier |
Publication Date |
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US 20130013494 A1 |
Jan 10, 2013 |
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Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
Issue Date |
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12778459 |
May 12, 2010 |
8280788 |
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61256147 |
Oct 29, 2009 |
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Current U.S.
Class: |
705/30; 705/39;
705/40 |
Current CPC
Class: |
G06Q
20/40 (20130101); G06Q 40/12 (20131203); G06Q
20/14 (20130101); G06Q 20/227 (20130101); G06Q
20/0655 (20130101); G06Q 20/06 (20130101); G06Q
20/405 (20130101); G06Q 20/02 (20130101); G06Q
20/10 (20130101) |
Current International
Class: |
G06Q
40/00 (20120101); G06Q 40/02 (20120101); G06Q
30/04 (20120101); G06Q 20/10 (20120101) |
Field of
Search: |
;705/30,21,14.35,1,39 |
References Cited
[Referenced By]
U.S. Patent Documents
Foreign Patent Documents
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640855 |
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Sep 1993 |
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AU |
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9613814 |
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May 1996 |
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WO |
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0205224 |
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Jan 2002 |
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WO |
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Other References
Pilon, Mary, "PayPal Makes a Bid for Student Banking", downloaded
from
http://blogs.wsj.com/digits/2009/08/14/paypal-makes-a-bid-for-student-ban-
king/tab/article, 3 pp. (Aug. 14, 2009). cited by applicant .
Posting Payments,
http://msdn.microsoft.com/en-us/library/aa480428(v=MSDN.10).aspx,
1998 (MSDN). cited by applicant .
Apr. 2003 Report of the Auditor General of Canada, Apr. 2003
Report--Chapter 2 (Post Pay). cited by applicant .
Young, Lee W., Jan. 6, 2011 International Search Report with
Written Opinion from PCT Application No. PCT/US2010/054530 (9 pp.).
cited by applicant.
|
Primary Examiner: Gart; Matthew
Assistant Examiner: Danzig; Reva R
Attorney, Agent or Firm: Jones Day
Parent Case Text
CROSS-REFERENCE TO RELATED APPLICATIONS
This is a continuation of U.S. application Ser. No. 12/778,459,
filed May 12, 2010, which claims priority from U.S. Provisional
Application No. 61/256,147, filed Oct. 29, 2009, all the above
applications hereby incorporated by reference.
Claims
The invention claimed is:
1. A method performed by a payment processor that executes software
instructions for creating and managing electronic payment accounts
on a financial management system, the method comprising:
associating an account with an account owner; receiving, through a
user interface from the account owner, entries that specify a bill
to be associated with the account, members of a group to be
associated with the account, for each member, the respective
member's share of a total amount of the bill, and different levels
of account access for different members, the different levels of
account access differing in terms of read-only access to see
account status and recent activity, co-authority to request
payments to the account from others, or approval authority for
approving payment of the bill before the payment is processed;
sending, by the payment processor, a request, to each member of the
group, to receive the member's share of the total amount;
receiving, by the payment processor, from each member, the member's
share of the total amount; and paying the bill, by the payment
processor, automatically upon receiving all of the shares of the
total amount of the bill; wherein the bill is an itemized paperless
bill delivered directly to the payment processor, and wherein the
payment processor automatically allocates itemized amounts in the
bill to individual members of the group; wherein the receiving
steps, the sending step and the paying step are performed by the
payment processor.
2. The method of claim 1 further comprising receiving the bill
before the sending step, and wherein the sending is in response to
receiving the bill.
3. The method of claim 2 further comprising, before the step of
receiving entries through a user interface from the account owner,
integrating the group account with an issuer of the bill such that
the payment processor receives the bill directly from the issuer of
the bill.
4. The method of claim 2 wherein the step of receiving entries
through a user interface from the account owner includes receiving
the bill through a user interface.
5. The method of claim 1 wherein the entries specify a time period
for paying the bill on a recurring basis, and the sending recurs
based on the time period.
6. The method of claim 1 wherein the sending of the request is
through emails to the respective members.
7. The method of claim 1 wherein the bill is a rent bill, an
electricity bill or a phone bill.
8. The method of claim 1 further comprising: rendering the bill
viewable by the members of the group.
9. The method of claim 1 further comprising: communicating, to the
members, a status indicator that indicates progress of receiving of
the members' shares toward the total amount.
10. The method of claim 1 wherein the user interface is configured
to input a total goal amount and to validate that the total goal
amount matches a sum of the allocated members' shares.
11. The method of claim 1 wherein the entries that identify the
members of the group are the respective members' email
addresses.
12. The method of claim 1 wherein the entries specify a time limit
for payment of the members' shares.
13. The method of claim 12 wherein the account is a primary
account, and the method further comprising: sending a request, to a
member of the group, to open, for the member, a member account from
which future payments to the primary account will be taken.
14. The method of claim 1 wherein the receiving of the member's
share includes the payment processor withdrawing a member's share
from an account opened by the member.
15. The method of claim 1 further comprising: paying a dividend to
each member on a recurring basis.
16. The method of claim 1 wherein the bill relates to a fundraising
event for a charitable organization, and the account is an account
of the charitable organization.
17. The method of claim 1 wherein the entries specify an activity
whose completion will prompt the receiving of the members'
shares.
18. The method of claim 17 further comprising: receiving, from the
user, an indication that the activity is completed; and in
response, automatically collecting the members' shares from
accounts of the members.
Description
TECHNICAL FIELD
The present disclosure relates generally to computer-implemented
systems and methods for peer-to-peer and group financial
management.
BACKGROUND AND SUMMARY
Electronic commerce, commonly known as electronic marketing,
e-commerce, or eCommerce, consists of the buying and selling of
products or services over electronic systems such as the Internet
and other computer networks. The amount of trade conducted
electronically has grown extraordinarily with widespread Internet
usage. Commerce conducted in this manner utilizes a complex web of
innovations in electronic funds transfer, supply chain management,
Internet marketing, online transaction processing, electronic data
interchange (EDI), inventory management systems, automated data
collection systems, and many others. Modern electronic commerce
typically uses the World Wide Web at least at some point in the
transaction's lifecycle, although it can encompass a wider range of
technologies such as e-mail as well. It would be advantageous to
utilize such electronic commerce systems to provide peer-to-peer
and group financial management services.
Systems and methods for providing peer-to-peer and group financial
management are provided herein. An example system includes a
payment processor that executes software instructions for creating
and managing electronic payment accounts and an accounts database
to store account data from the payment processor. The payment
processor may be configured to receive a payment request from a
payer, the payment request including information to identify a
payee and a payment amount. The payment processor may be further
configured to determine if the accounts database includes an
account associated with the payee, and based on a determination
that the accounts database includes an account associated with the
payee, send an electronic message to the payee that notifies the
payee of the payment request. The payment processor may also be
configured to access the accounts database to determine if the
payee is identified as having a trusted relationship with the
payer, and based on a determination that the payee is identified in
the accounts database as having a trusted relationship with the
payer, access the accounts database to transfer the payment amount
from an account associated with the payer to the account associated
with the payee without first receiving authorization for the
transfer from the payee.
A method of transferring funds from a payer to a payee in a
electronic payment system that includes a payment processor and an
accounts database may include the following steps: receiving at the
payment processor a payment request from the payer, the payment
request including information to identify the payee and a payment
amount; accessing an accounts database to determine if the accounts
database includes an account associated with the payee; based on a
determination that the accounts database includes an account
associated with the payee, sending an electronic message from the
payment processor to the payee that notifies the payee of the
payment request; accessing the accounts database to determine if
the payee is identified as having a trusted relationship with the
payer; and based on a determination that the payee is identified in
the accounts database as having a trusted relationship with the
payer, the payment processor accessing the accounts database to
transfer the payment amount from an account associated with the
payer to the account associated with the payee without first
receiving authorization for the transfer from the payee.
A financial management system may include a primary account, a
sub-account associated with the primary account; and a payment
processor for controlling payments made to and from the primary and
sub-accounts. A plurality of users have access to the sub-account,
and a single user has access to the primary account.
BRIEF DESCRIPTION OF THE DRAWINGS
For the present disclosure to be easily understood and readily
practiced, the present disclosure will now be described, for
purposes of illustration and not limitation, in conjunction with
the following figures.
FIG. 1 is a diagram of an example peer-to-peer financial management
system.
FIG. 2 depicts an example user interface that may be used to
initiate a peer-to-peer payment request.
FIG. 3 is a diagram of another example in which the peer-to-peer
financial management system is used to initiate payment to multiple
payees in a single request.
FIG. 4 depicts another example of a user interface that may be used
to initiate a peer-to-peer payment request.
FIG. 5 depicts another example of a user interface that may be used
to initiate a peer-to-peer payment request.
FIG. 6 is a flow diagram of an example method for performing an
electronic peer-to-peer financial transaction.
FIG. 7 illustrates an example in which a peer-to-peer financial
management system is used to request a payment.
FIG. 8 depicts an example user interface that may be used to
initiate a request for a peer-to-peer payment.
FIG. 9 is a diagram of another example in which the peer-to-peer
financial management system is used to request payment from
multiple prospective payers in a single request.
FIG. 10 depicts another example of a user interface that may be
used to initiate a peer-to-peer request for payment.
FIG. 11 is a flow diagram of an example method for performing an
electronic peer-to-peer financial transaction in which a payment is
requested.
FIG. 12 is a diagram that depicts an example group account in a
financial management system.
FIG. 13 is a block diagram of hardware which may be used to
implement the various embodiment described herein.
DETAILED DESCRIPTION
FIG. 1 is a diagram of an example peer-to-peer financial management
system 100. The system includes a payment processor 102 that is
used to manage a plurality of financial accounts 104, 106. The
payment processor 102 may, for example, be used to implement a
payment service, such as payclick by Visa.TM., in which a user 108,
110 may add funds to their respective the accounts 104, 106 in
order to facilitate payments for electronic transactions. The users
108, 110 may communicate with the payment processor, for example
over a computer network 112, to complete electronic transactions,
to manage account funding sources (e.g., credit cards, debit cards,
bank accounts, etc.), and/or to perform other financial or account
management operations. An account, as used herein, may be a data
structure stored in an accounts database that is accessible by the
payment processor. The accounts database may, for example, be
implemented using a single memory device or across multiple memory
devices. In one example, the payment processor and the accounts
database may be included within one or more network servers.
In the example illustrated in FIG. 1, the payment processor 102 is
used to perform a peer-to-peer transfer of funds from User A 108 to
User B 110. Specifically, User A 108 utilizes the payment processor
102 to make a payment for a specified amount to User B 110. To
initiate the payment, User A communicates with the payment
processor 102 over the computer network 112 to identify User B and
to specify the amount to be paid. User B may be identified by
providing a valid email address. The payment processor 102 may then
send an email to User B over the computer network B that includes a
notification that the payment has been initiated by User A. If User
B already has an account 106, then he may accept the payment, for
example by clicking on a link in the email. Once the payment is
accepted, the specified funds are electronically transferred from
account A 104 to account B. If User B does not have an account in
the system, then the email notification may prompt User B to set up
an account 106 with the payment processor 102 in order to receive
payment. The specified funds may then be electronically transferred
upon completion of the account registration by User B.
Alternatively, User B could reject the requested payment, causing
the funds to remain (or return to) account A 104.
FIG. 2 depicts an example user interface 120 that may be used to
initiate a peer-to-peer payment request. This user interface 120
may, for example, be provided to User A 108 by the payment
processor 102 of FIG. 1 to initiate a payment to anyone with an
email address. The user interface 120 includes a payee field 122 in
which the user may enter the email address of a person to whom he
wants to make a payment and an amount field 124 in which the user
may enter the amount of the payment. When an email address is
entered into the payee field 122, the system may validate the entry
as a proper email format and check to see if the email address is
associated with a current account. The system may also prompt the
user to validate the amount entered into the amount field 124.
Then, in order to initiate the payment request by sending an email
notification to the identified payee, the user inputs his password
to field 126 and selects a "Send Payment" input 128, such as a
graphical button. At this time, funds are reserved for payment
until such time as they are accepted, rejected, or a defined time
limit is reached.
The example user interface 120 illustrated in FIG. 2 also includes
a time limit field 130 that may be used to set a maximum number of
days for which a pending payment will be valid. The time limit may,
for example, be selected from a drop-down menu, and may be used to
configure a maximum number of days up to a predetermined limit
(e.g., 120 days.) The system configured maximum number of days may,
for example, be the default setting for the time limit field
130.
In addition, the user interface 120 may also include an "Add Payee
to Friends List" input 132, such as a graphical button, that
enables the user to add the email address from the payee field 122
to a friends (or trusted payee) list. In one example, when payments
are made to a person in the friends list, the payment may be made
to the payee's account without it first being accepted by the
payee. This may be limited to entries in the friends list that have
been validated. For example, when the user enters a payee into his
friends list, for example by pressing the user interface input 128,
an email may be sent to the payee inviting them to become a
"linked" friend. The payee may then respond by accepting or denying
the invitation. The payee may then only appear in the friends list
after having accepted the invitation. Any subsequent payment
between linked friends may then be made instantly, with the
receiving party receiving an email notification that payment has
been made to his account.
FIG. 3 is a diagram of another example in which the peer-to-peer
financial management system 140 is used to initiate payment to
multiple payees in a single request. In this example, User A 142
accesses the payment processor 102 to simultaneously initiate a
payment to both User B 144 and User C 146. To initiate the payment,
User A 142 communicates with the payment processor 102 over the
computer network 112 to identify the payees 144, 146 and to specify
the amount to be paid to each. The payees 144, 146 may, for
example, be identified by providing the payment processor 102 with
valid email addresses. The payment processor 102 may then send
emails to the identified payees 144, 146 over the computer network
112 that include notifications that payment has been initiated by
User A. Similar to the single payee example described above with
reference to FIG. 1, the payees 144, 146 in this example may have
already-existing accounts 148, 150 or may set up new account in
response to the payment notification. Once payment is authorized by
a payee, the identified funds are transferred to their respective
accounts 148, 150 by the payment processor 102. If the payee 144,
146 has an existing account, then payment may be authorized in
response to the payment notification email, for example by
selecting a link within the email. Alternatively, if the payee 144,
146 does not have an existing account, then payment may be
authorized by successfully registering a new account with the
payment processor 102.
FIG. 4 depicts another example of a user interface 160 that may be
used to initiate a peer-to-peer payment request. In this example,
the user interface 160 is used to initiate a simultaneous payment
to multiple payees, as illustrated in FIG. 3. Additional payee rows
162, 164 are added to the interface 160 by selecting an "Add Payee"
input 166. Each payee row 162, 164 includes a payee field 168, 170
and an amount field 172, 174. When an email address is entered into
the payee fields 162, 170, the system may validate the entry as
having a proper email format and may also determine if the email
address is associated with a current account. The system may also
prompt the user to validate the amount entered into the amount
fields 172, 174.
The amount fields 172, 174 may be populated by either (a) entering
a single amount in the first payee row 162 and selecting a "same
amount" input which automatically populates the amount field 174 in
any remaining rows 164, or (b) entering a specific amount in each
payee row which may or may not be the same as the amount in any
other row. A total payment amount 178 may also be displayed to
tabulate the total of all payments in the payee rows 162, 164. The
total payment amount 178 may also be used by the payment processor
102 to compare the requested total payment 178 with the available
balance in the payer's account. The system may, for example,
provide an in-line notification if the total payment 178 exceeds
the balance in the payer's account.
The value of a single payment (e.g., as shown in FIG. 2) or the
total value of multiple payments 178 may trigger different
interface options depending on the current balance in the payer's
account. For instance, if the total amount of payment is less than
the current balance in the payer's account, then the payment may be
initiated by sending email notifications to the identified payees
upon successful entry of a password 180 and selection of the "send
payment" input 182. In one example, the payment processor 102 may
enable an account holder to authorize an automatic, recurring
deposit to his account. If the total payment amount is more than
the current balance in the payer's account and such a recurring
deposit has been authorized, then the payment processor 102 may
first process the recurring deposit and then process the requested
payment (after successful entry of the password 180). In addition,
if the total payment amount is more than the payer's current
balance and no recurring deposit is authorized, then the payment
processor 102 may prompt the payer to add funds to his account or
to eliminate or reduce amounts 172, 174 from the requested
payment.
FIG. 5 depicts another example of a user interface 190 that may be
used to initiate a peer-to-peer payment request. In this example,
the user interface also includes a recurring payment field 192. The
recurring payment field 192 enables the payer to select a specific
interval at which to repeat the single or multiple payment. For
example, a recurring payment 192 may be set to automatically make a
payment that is due every month. When a recurring payment is
selected, the payment processor 102 may, for example, allow the
payer to select an option to automatically add any needed funds to
his account should the balance be insufficient to complete the
recurring payment.
FIG. 6 is a flow diagram 200 of an example method for performing an
electronic peer-to-peer financial transaction. The electronic
payment is initiated at step 210 by identifying the payee and the
amount to be transferred from the payer's account to the payee's
account. The payee may, for example, be identified by providing a
valid email address. It should be understood, that either a single
or multiple payees may be identified in step 210. In step 212, the
email address for the payee and the amount designated for transfer
are validated. For instance, the method may validate that the email
has been entered using a proper email format and may prompt the
user to verify the entered payment amount. If the validation is not
successful, then the method returns to step 210. Otherwise the
method proceeds to step 214 to determine if the payee email address
corresponds to an existing account. If it does, then the method
proceeds to step 216. Otherwise, if there is no existing account
corresponding to the payee email address, then the method proceeds
to step 218.
If the payee has an existing account, the payment is initiated at
step 216 and an email notification is sent to the payee at step
220. At step 222, the method determines if the payee is included in
a trusted accounts list (e.g., the payer's friends list). If the
payee has a trusted account, then the payment may be made
automatically, without requiring acceptance, and the method
proceeds directly to step 224 to process the payment and transfer
the funds. Otherwise, if the payee does not have a trusted account,
then the method proceeds to step 226.
During the payment initiation step 210, the payer may also identify
a time limit for which the pending payment will be valid.
Otherwise, a default time limit may be used. In either case, the
time limit for completing the payment is tracked at step 226. If
the payment is not completed before expiration of the time limit,
then the method proceeds to step 228 and the funds are returned to
(or remain in) the payer's account. Otherwise, the method proceeds
to step 230 where the method waits for the payee to accept or
reject the payment. Payment may be accepted or rejected, for
example, by the payee selecting an appropriate link provided in the
email notification. In another example, the payee may accept or
reject payment by logging into his account and selecting an option
to accept or reject the pending payment. If payment is accepted,
then the method proceeds to step 224 to process the payment and
transfer the funds. If payment is rejected, then the method
proceeds to step 228 and the funds are returned to (or remain in)
the payer's account.
If the payee does not have an existing account, then the method
establishes an account for the payee at step 218 and sends an email
notification to the payee of the requested payment at step 232. At
step 234, the method tracks the time limit for completing the
transaction. If time expires before the payment is processed, then
the method proceeds to step 228 and the funds are returned to (or
remain in) the payer's account. Payment may be accepted by the
payee at step 236 by completing a registration process for the new
account. For instance, the email notification may provide the payee
with an Internet address for logging into the system and signing up
for the account. If the account sign-up is completed by the payee,
then the payment is accepted and the method proceeds to step 224 to
process the payment and transfer the funds. Otherwise, if the payee
declines to sign-up for an account or otherwise refuses the
payment, then the funds are returned to (or remain in) the payer's
account at step 228.
FIG. 7 is an example in which the peer-to-peer financial management
system 300 is used to request a payment. In this example, User A
302 accesses the payment processor 102 to request a payment from
User B 304, who may or may not have an existing account 106. To
request the payment, User A 302 communicates with the payment
processor 102 over the computer network 112 to identify the payer
304 and to specify the requested amount to be paid. The prospective
payer 304 may, for example, be identified by providing the payment
processor 102 with a valid email address. The payment processor 102
may then send an email to User B 304 over the computer network 112
that includes a request for payment of the identified amount. If
User B has an existing account 106, then he may authorize or deny
the payment, for example by clicking on a link in the email.
Alternatively, User B 304 could authorize or deny payment by
logging into his account with the payment processor 102 and
selecting an option to authorize the requested transaction. If User
B 304 does not have an existing account, then the email
notification may prompt User B to set up an account 106 with the
payment processor 102. The requested funds may then be
electronically transferred upon completion of the account
registration and necessary account funding by User B 304.
FIG. 8 depicts an example user interface 310 that may be used to
initiate a request for a peer-to-peer payment. This user interface
310 may, for example, be provided to User A 302 by the payment
processor 102 of FIG. 7 to initiate the payment request from User B
304. The user interface 310 includes a payer field 312 in which the
user may enter the email address of the person from whom the
payment is requested and an amount field 314 in which the user may
enter the amount of the requested payment. When an email address is
entered into the payer field 312, the system may validate the entry
as a proper email format and check to see if the email address is
associated with an existing account. The system may also prompt the
user to verify the amount entered into the amount field 314. Then,
in order to initiate the payment request by sending an email
notification to the prospective payer, the user inputs his password
to field 316 and selects the "send payment request" input 318.
The example user interface 310 illustrated in FIG. 8 also includes
a time limit field 320 that may be used to set a maximum number of
days for which the pending transaction will be valid. The time
limit may, for example, be selected from a drop-down menu, and may
be used to configure a maximum number of days up to a predetermined
limit. A default setting for the time limit field 320 may also be
provided by the system. In one example, the predetermined maximum
time limit that may be entered into the time limit field 320 may
correspond with the default time limit set by the system.
FIG. 9 is a diagram of another example in which the peer-to-peer
financial management system 330 is used to request payment from
multiple prospective payers in a single request. In this example,
User A 332 accesses the payment processor 102 to simultaneously
initiate a request for payment to both User B 334 and User C 336.
To initiate the payment request, User A 332 communicates with the
payment processor 102 over the computer network 112 to identify the
prospective payers 334, 336 and to specify the amount requested
from each. The payers 334, 336 may, for example, be identified by
providing the payment processor 102 with valid email addresses. The
payment processor 102 may then send emails to the prospective
payers 334, 336 over the computer network 112 that include
notifications of the requested payment initiated by User A 332.
Similar to the single payer example described above with reference
to FIG. 7, the payers 334, 336 in this example may have existing
accounts 338, 340 or may set up new accounts in response to the
payment request. If payment is authorized by a payer, the
identified funds are transferred from the payer account 338 or 340
to User A's account 342. If the payer 334, 336 has an existing
account, then payment may be authorized or denied in response to
the email notification, for example by selecting an appropriate
link within the email. Alternatively, if the payer 334, 336 does
not have an existing account, then payment may be authorized by
successfully registering a new account with the payment processor
102 and adding the necessary funds to the account.
FIG. 10 depicts another example of a user interface 350 that may be
used to initiate a peer-to-peer request for payment. In this
example, the user interface 350 is used to initiate a simultaneous
payment request from multiple prospective payers, as illustrated in
FIG. 9. Additional payer rows 352, 354 are added to the interface
by selecting an "Add Payer" input 356. Each payer row 352, 354
includes a payer field 358, 360 and an amount field 362, 364. When
an email address is entered into the payer fields 358, 360, the
system may verify that the entry is in a proper email format and
determine if the email address is associated with a current
account. The system may also prompt the user to verify the
amount(s) entered into the amount fields 362, 364.
The amount fields 362, 364 may be populated be either (a) entering
a single amount in the first payer row 352 and selecting the "same
amount" input 366, or (b) entering a specific amount into each
payer row 352, 354 which may or may not be the same as the amount
in any other row. A total payment amount 368 may also be displayed
to tabulate the total of all requested payments in the payer rows
352, 354. In another example, the user interface may enable the
user to enter a "goal amount" and then the total payments requested
may be validated to match the goal amount.
The user interface 350 in this example also includes a time limit
field 370 to set a maximum time limit for the transaction and a
recurring payment field 372. The recurring payment field 372
enables the user to select a specific interval at which to repeat
the single or multiple payment request. For example, a recurring
payment 372 may be set to automatically make a payment request each
month and/or generate documentation related to the payment, such as
a tax invoice.
Once the appropriate fields in the user interface have been
completed, the user may send the payment requests by entering his
password into the password field 374 and selecting the "Send
Payment Request" input 376.
FIG. 11 is a flow diagram 400 of an example method for performing
an electronic peer-to-peer financial transaction in which a payment
is requested. The payment request is initiated at step 410 by
identifying the prospective payer and the amount of the payment
request. The prospective payer may, for example, be identified by
providing a valid email address. It should be understood, that
either a single or multiple payers may be identified in step 410.
In step 412, the email address for the payer and the amount of the
requested payment are validated. For instance, the method may
validate that the email has been entered using a proper email
format and may prompt the user to verify the entered payment
amount. If the validation is not successful, then the method
returns to step 410. Otherwise the method proceeds to step 414 to
determine if the payer email address corresponds to an existing
account. If it does, then the method proceeds to step 416.
Otherwise, if there is no existing account corresponding to the
payer email address, then the method proceeds to step 418.
If the prospective payer has an existing account, an email
notification requesting the payment is sent to the payer at step
416. During the payment request initiation step 410, the user may
also identify a time limit for which the requested payment will be
valid. Otherwise, a default time limit may be used. In either case,
the time limit for completing the payment is tracked at step 420.
If the payment is not completed before expiration of the time
limit, then the method proceeds to step 422 and a rejection
notification is sent to the user. Otherwise, the method proceeds to
step 424 where the method waits for the prospective payer to accept
or reject the requested payment. Payment may be accepted or
rejected, for example, by the payer selecting an appropriate link
provided in the email notification. In another example, the payer
may accept or reject payment by logging into his account and
selecting an option to accept or reject the requested payment. In
addition, the payment authorization step 424 may also enable the
prospective payer to add any necessary funds to his or her account
to complete the transaction. If payment is accepted, then the
method proceeds to step 426 to process the payment and transfer the
funds. If payment is rejected, then the method proceeds to step 422
and a rejection notification is sent to the requester.
If the prospective payer does not have an existing account, then
the method establishes an account for the payer at step 418 and
sends an email notification to the payer of the requested payment
at step 428. At step 430, the method tracks the time limit for
completing the transaction. If time expires before the payment is
processed, then the method proceeds to step 422 and a rejection
notification is sent to the requester. Payment may be authorized by
the payer at step 432 by completing a registration process for the
new account and adding the necessary funds to complete the
transaction. For instance, the email notification may provide the
payer with an Internet address for logging into the system and
signing up for the account. If the account sign-up and necessary
account funding is completed by the payer, then the payment is
authorized and the method proceeds to step 426 to process the
payment and transfer the funds. Otherwise, if the prospective payer
declines to sign-up for an account or otherwise refuses the
payment, then a rejection notification is sent to the requester at
step 422.
FIG. 12 is a diagram that depicts an example group account in a
financial management system 500. As illustrated, the payment
processor 102 may enable a user 502 to have both a primary account
504 and one or more sub-accounts 506. The accounts may be set up
such that the user 502 has sole ownership of the primary account
504 and primary ownership, control and responsibility for the
sub-account 506. Other users 508-510 may then be invited by the
primary owner 502 to share access to a sub-account 506. It should
be noted that certain tax regulations, AML/CTL and other
regulations may control how ownership of a sub-account may be
shared.
The invited users 508-510 may be given different levels of
sub-account access by the primary user 502. For instance, a user
508 may be provided read-only access of the sub-account 506 so that
he or she is able to see the account status and any recent
activity. Another user 509 may be given co-authority for the
sub-account 506 to perform specific actions, such as the ability to
request payments to the sub-account from others. Another user 510
may be given approval authority for the sub-account 506. Approval
authority may, for example, enable the user 510 to set specific
tasks which require one or more members of the account to approve
actions before they are taken. For instance, before an outbound
payment requested by a user 510 with approval authority is made,
one or more other members must approve the payment, preferably
using their security password, before payment is processed.
The payment processor 102 may also be able to configure and require
a single or recurring membership fees from one or more members of a
sub-account 506. In another example, the payment processor 102 may
be configured to pay out a single or recurring dividend from the
sub-account to one or more of its members. The payment processor
102 may also be configured to, by default, send the primary account
owner 502 an email and account notification when any payments are
made (or fail) from the sub-account 506. The primary account owner
502 may also be able to select other members 508-510 to receive
such notifications. The members 508-510 may be given the option to
accept or reject such notifications before activated.
In one example, the payment processor 102 may establish an audit
trail that records who has performed what actions with the
sub-account. This option may, for example, be provided in an
account user interface.
The payment processor 102 may also be configured to provide a
communication process with one or more of the members 502, 508-510
of a group account 506. This may include the ability for members of
the group account 506 to subscribe to receive periodic updates on
the account status via email or some other means. It may also
include the ability for account members to elect to receive email
notifications of specific events on the account or to receive email
prompts and reminders for actions which the member is responsible
(e.g., a payment requested from the member or an authorization that
the member needs to provide for a pending payment.)
The payment processor 102 may also be used to set up specific
financial goals for a group account 506. For instance, a specific
group savings or financial goal may be configured in connection
with the account 506 so that all inbound payments are contributed
towards the goal. The payment processor 102 may communicate the
status of the goal, for instance by providing a visual status
indicator in a user interface. In addition, the expenditure of the
achieved goal amount may either (1) require one or multiple
authorities before it can be executed, or (2) may be initially
set-up to be pre-authorized and automated to automatically process
the goal transaction (e.g., when the goal is met).
FIG. 13 is a block diagram of hardware 1010 which may be used to
implement the various embodiments of the method of the present
invention, such as the payment processor described above. The
hardware 1010 may be a personal computer system or server system
that includes a computer 1012 having as input devices keyboard
1014, mouse 1016, and microphone 1018. Output devices such as a
monitor 1020 and speakers 1022 may also be provided. The reader
will recognize that other types of input and output devices may be
provided and that the present invention is not limited by the
particular hardware configuration.
Residing within computer 1012 is a main processor 1024 which is
comprised of a host central processing unit 1026 (CPU). Software
applications 1027, such as the method of the present invention, may
be loaded from, for example, disk 1028 (or other device), into main
memory 1029 from which the software application 1027 may be run on
the host CPU 1026. The main processor 1024 operates in conjunction
with a memory subsystem 1030. The memory subsystem 1030 is
comprised of the main memory 1029, which may be comprised of a
number of memory components, and a memory and bus controller 1032
which operates to control access to the main memory 1029. The main
memory 1029 and controller 1032 may be in communication with a
graphics system 1034 through a bus 1036. Other buses may exist,
such as a PCI bus 1037, which interfaces to I/O devices or storage
devices, such as disk 1028 or a CDROM, or to provide network
access.
Following are several non-limiting examples of how the financial
management systems and methods described above with reference to
FIGS. 1-13 may be utilized. In certain examples, the financial
management systems and methods may be used for group social
savings. For instance, in the case of a one time event, a group may
contribute towards the cost of the event. For instance, in the
example of a milestone party (e.g., a 21.sup.st birthday) where a
deposit needs to be made in advance, the group may use a group
account, invitation to join the group, a request for payment from
members of the group, an expenditure of money to make the required
deposit(s) and other payments with possible need for multiple
user's authorization before the payments are made. In another
example, a group trip that requires a group deposit or fee may
utilize a group account, an invitation to join the group, a request
for payment from members of the group, an expenditure of money to
make required deposit(s) and other payments with the possible need
for multiple user's authorization before these payments are
made.
In another example, a group social saving account may be utilized
for an ongoing activity in which a group contributes to a pool of
funds for application to the ongoing activities of the group. For
instance, a club with membership activities may use a group
account, an invitation to join the group, a request for a recurring
payment from members of the group, an automated expenditure of
money to pay the regular fees due from the group and other payments
with the possible need for multiple user's authorization before
these payments are made.
In other examples, the financial management systems and methods may
be utilized for charity fund raising. For instance, the systems and
methods may be used for recurring charity donations, for instance
to enable a charitable organization to invite account holders to
become "friends" of the charity and then set up recurring donations
to the charity's account. In another example, a charity event may
be managed using the financial management systems and methods. An
example process flow for this may be as follows:
i. the charity creates a system account for a specific fund raising
event and sets up a profile for the specific charity event (e.g.,
to provide overview information and explain how sponsorship
works);
ii. the charity invites people to join the fundraising drive, e.g.,
if the people invited by email already have an existing system
account, then they would set up the charity as a "friend", or if
they do not have an existing account they would receive an email
prompt to create an account; if they enroll in the charity drive
via the charity website or other online asset instead of an email
invitation, then they may link through to account registration as
part of an online process on the charity site;
iii. the user joins a charity sub-account, which would actually be
a sub-account for the account of the charitable organization (not
the user's account);
iv. from this sub-account, the user sends sponsorship invitations
out to friends by entering their email addresses;
v. invitees receive an email request to sponsor the initial user
(if they have an account already they go straight to the interface
in the next step, if not they create an account first);
vi. invitees see the charity interface which tells them who invited
them to sponsor, what the charity event is about and how it works,
and then prompts the invitee to: a. enter an amount to sponsor the
user per unit completed, or b. enter a set amount to sponsor the
user, and c. agree to terms and conditions and authorize the
sponsorship pledge with the entry of their security password;
vii. when the user completes the event, he or she goes on to a user
interface and enters the total units completed, and then collects
on an input to "collect sponsorship donations", which are processed
automatically and immediately;
viii. if any sponsor does not have sufficient funds in their
account of the donation and no automatic funding has been
authorized, then the donation may come straight from a default
funding source instead (e.g. as agreed to in the terms and
conditions of the sponsorship); if they have no default funding
source configured, then the sponsor may receive an email prompting
them to complete the donation payment;
ix. all sponsors may receive an email informing them that the event
has been completed, how the user did in the event and confirming
that the donation transaction has been completed, with all
necessary details to use the email as a tax receipt.
In other examples, the financial management systems and methods may
be utilized for group financial management. For instance, a group
account used to achieve the financial goal may be to pay a group
bill, e.g., rent, electricity, a phone bill for a shared house,
etc. This may be achieved by sending out invitations to join the
group account, requesting a one time or recurring payment from the
members of the group, and providing for the automated expenditure
of money to pay the regular bills due from the group with the
possible need for multiple user's authorization before some
payments are made. Integration with a bill payment portal may also
be available to allow the bill to come into the account when
issued, be viewable by all participants in the group, and be
automatically paid when all participants have contributed their
share. Advanced functions may allow line-item allocation from the
bill dependent on the format of delivery of the bill by the issuer.
An example process flow for this is as follows:
i. account owner associates specific billers with their group
account (assumes integration with a bill payment
portal/service);
ii. paperless bills are delivered directly to the account;
iii. account owner allocates total amount to each bill to members
of the group, requesting payment from each for their share;
iv. when all individuals have paid, the bill is automatically paid
from the group account;
v. for bills that are of the same amount each month, the above
could be set up to be automatically recurring;
vi. in an advanced scenario, bills could be delivered itemized and
individual items could be allocated to individual group members to
automatically generate the total due from each after all items are
allocated;
vii. in a scenario where there is no integration with a bill
payment portal/service or where the biller does not participate in
the service, the account owner may create the bill by entering the
bill name and amount, and then proceed with allocation to members
of the group; when all payments are collected, the account owner
would need to manually pay the bill, either directly from the group
account or by withdrawing the funds and paying through an external
payment source.
In other examples, the financial management systems and methods may
be utilized for peer-to-peer lending. For instance, the loan
marketplace may be an integrated external system and would manage
all aspects of listing a loan, bidding on a loan and managing the
loan. The financial management systems and methods may then be used
to shift funds between lenders and lendees.
Embodiments of the subject matter and the functional operations
described in this specification can be implemented in digital
electronic circuitry, or in computer software, firmware, or
hardware, including the structures disclosed in this specification
and their structural equivalents, or in combinations of one or more
of them. Embodiments of the subject matter described in this
specification can be implemented as one or more computer program
products, i.e., one or more modules of computer program
instructions encoded on a computer-readable medium for execution
by, or to control the operation of, data processing apparatus.
The computer-readable medium can be a machine-readable storage
device, a machine-readable storage substrate, a memory device, a
composition of matter effecting a machine-readable propagated
signal, or a combination of one or more of them. The term "data
processing apparatus" encompasses all apparatus, devices, and
machines for processing data, including by way of example a
programmable processor, a computer, or multiple processors or
computers. The apparatus can include, in addition to hardware, code
that creates an execution environment for the computer program in
question, e.g., code that constitutes processor firmware, a
protocol stack, a database management system, an operating system,
or a combination of one or more of them, A propagated signal is an
artificially generated signal, e.g., a machine-generated
electrical, optical, or electromagnetic signal, that is generated
to encode information for transmission to suitable receiver
apparatus.
A computer program (also known as a program, software, software
application, script, or code), can be written in any form of
programming language, including compiled or interpreted languages,
and it can be deployed in any form, including as a stand-alone
program or as a module, component, subroutine, or other unit
suitable for use in a computing environment. A computer program
does not necessarily correspond to a file in a file system. A
program can be stored in a portion of a file that holds other
programs or data (e.g., on or more scripts stored in a markup
language document), in a single file dedicated to the program in
question, or in multiple coordinated files (e.g., files that store
one or more modules, sub-programs, or portions of code). A computer
program can be deployed to be executed on one computer or on
multiple computers that are located at one site or distributed
across multiple sites and interconnected by a communication
network.
The processes and logic flows described in this specification can
be performed by one or more programmable processors executing one
or more computer programs to perform functions by operating on
input data and generating output. The processes and logic flows can
also be performed by, and apparatus can also be implemented as,
special purpose logic circuitry, e.g., an FPGA (field programmable
gate array) or an ASIC (application-specific integrated
circuit).
Processors suitable for the execution of a computer program
include, by way of example, both general and special purpose
microprocessors, and any one or more processors of any kind of
digital computer. Generally, a processor will receive instructions
and data from a read-only memory or a random access memory or both.
The essential elements of a computer are a processor for performing
instructions and one or more memory devices for storing
instructions and data. Generally, a computer will also include, or
be operatively coupled to receive data from or transfer data to, or
both, one or more mass storage devices for storing data, e.g.,
magnetic, magneto-optical disks, or optical disks. However, a
computer need not have such devices. Moreover, a computer can be
embedded in another device, e.g., a mobile telephone, a personal
digital assistant (PDA), a mobile audio player, a Global
Positioning System (GPS) receiver, to name just a few.
Computer-readable media suitable for storing computer program
instructions and data include all forms of nonvolatile memory,
media, and memory devices, including by way of example
semiconductor memory devices, e.g., EPROM, EEPROM, and flash memory
devices; magnetic disks, e.g., internal hard disks or removable
disks; magneto-optical disks; and CD-ROM and DVD-ROM disks. The
processor and the memory can be supplemented by, or incorporated
in, special purpose logic circuitry.
To provide for interaction with a user, embodiments of the subject
matter described in this specification can be implemented on a
computer having a display device, e.g., a CRT (cathode ray tube) to
LCD (liquid crystal display) monitor, for displaying information to
the user and a keyboard and a pointing device, e.g., a mouse or a
trackball, by which the user can provide input to the computer.
Other kinds of devices can be used to provide for interaction with
a user as well; for example, feedback provided to the user can be
any form of sensory feedback, e.g., visual feedback, auditory
feedback, or tactile feedback; and input from the user can be
received in any from, including acoustic, speech, or tactile
input.
Embodiments of the subject matter described in this specification
can be implemented in a computing system that includes a back-end
component, e.g., as a data server, or that includes a middleware
component, e.g., an application server, or that includes a
front-end component, e.g., a client computer having a graphical
user interface or a Web browser through which a user can interact
with an implementation of the subject matter described in this
specification, or any combination of one or more such back-end,
middleware, or front-end components. The components of the system
can be interconnected by any form or medium of digital data
communication, e.g., a communication network. Examples of
communication networks include a local area network ("LAN") and a
wide area network ("WAN"), e.g., the Internet.
The computing system can include clients and servers. A client and
server are generally remote from each other and typically interact
through a communication network. The relationship of client and
server arises by virtue of computer programs running on the
respective computers and having a client-server relationship to
each other.
While this specification contains many specifics, these should not
be construed as limitations on the scope of the invention or of
what may be claimed, but rather as descriptions of features
specific to particular embodiments of the invention. Certain
features that are described in this specification in the context or
separate embodiments can also be implemented in combination in a
single embodiment. Conversely, various features that are described
in the context of a single embodiment can also be implemented in
multiple embodiments separately or in any suitable subcombination.
Moreover, although features may be described above as acting in
certain combinations and even initially claimed as such, one or
more features from a claimed combination can in some cases be
excised from the combination, and the claimed combination may be
directed o a subcombination or variation of a subcombination.
Similarly, while operations are depicted in the drawings in a
particular order, this should not be understood as requiring that
such operations be performed in the particular order shown or in
sequential order, or that all illustrated operations be performed,
to achieve desirable results. In certain circumstances,
multitasking and parallel processing may be advantageous. Moreover,
the separation of various system components in the embodiments
described above should not be understood as requiring such
separation in all embodiments, and it should be understood that the
described program components and systems can generally be
integrated together in a single software product or packaged into
multiple software products.
Thus, particular embodiments of the invention have been described.
Other embodiments are within the scope of the following claims. For
example, the actions recited in the claims can be performed in a
different order and still achieve desirable results.
* * * * *
References